As a director of a Limited company you will be asked to complete a Self Assessment Tax Return. This return will calculate your overall tax liability, based on all sources of income and will give credit for any tax that has already been paid and deducted at source. Any balancing tax liability will be due by 31 January following the end of the tax year to which it relates.
If your balancing tax liability is over £1,000, HMRC will ask you to make a Payment on Account of the following years liability. If asked to make such payments, these will be due by 31 January and 31 July. Each payment is half of the tax due for the previous year.
No payments on account are required in respect of capital gains tax liabilities or Student Loan repayments.
Payments on account will not be necessary, even if your liability is in excess of £1,000 if more than 80% of your tax is collected at source.
If you know that your income for the current year will be lower than last year's, you can ask to reduce your payments on account.
For more information please contact one of our dedicated and friendly contractor accountants at Genie Accountancy who would be more than happy to help with any queries you may have.
Why Orange Genie Accountancy?Orange Genie Accountancy offers fixed fee accountancy packages to contractors and freelancers. Each client has unlimited access to their own dedicated approachable and friendly accountant. All Orange Genie Accountancy accountants are specialists in the contracting market, therefore they can give you bespoke, high quality advice to ensure you are operating as tax efficiently as possible. We never outsource any of our work and we pride ourselves in being another employee of your company, so we promise we will always keep you informed with anything that could affect you and your company. We really do love to talk to our clients as often as it suits them, whether it be face to face, over the telephone or email. Our packages start at £75 + VAT a month for an online service. Our most popular package is £120 + VAT a month which provides you with your very own dedicated accountant as well as: - Unlimited accountancy support If you would like to appoint Orange Genie Accountancy as your accountants please either fill out our enquiry form or give one of our friendly expert accountants a call on 01296 468 185 or email accountancy@orangegenie.com. | Request a Call BackIf you would like to find out how Orange Genie could help you. Please fill out the form below and one of our new business team will be in touch. |
RT @GenieEdPrasD: A Supply Teacher's funny attempt at taking attendance in class. https://t.co/XVvx6iy0Y3 via @YouTube
RT @educationgovuk: We're consulting on ‘Schools that work for everyone’ - tell us what you think: https://t.co/fn2oOfafnB https://t.co/AJ7s5gi51f
The Orange Genie team have been fantastic and I've had nothing but positive experiences with them.
Your systems are excellent, and I only had a need once to contact yourselves. The whole process of signing up and managing my employment has been as smooth as I could have imagined.
The service and help I have received from Orange Genie has been first class during my employment with you and I just want to say thank you to all staff I have been in contact with.
Genie Accountancy have helped me every step of the way, advising me & also sorting out any errors I made on the portal. They're easily accessible both by email & telephone & always friendly & professional in their response. I would recommend them to anyone!
The friendliness and approachability of the staff, and the simple layout of claiming expenses. The system is incredibly user friendly. I feel as though I could email or call at any point.
Beverley continues to provide an excellent service accounting for my companies and I could not recommend both her and Genie Accountancy highly enough.
'Orange Genie have been fantastic and exceptionally professional.'
'I really appreciate your wonderful customer and account service. You made me concentrate on my project works instead of my accounts. Thanks for all your support and excellent work'.
'Nice customer service touch - can I buy shares in Orange Genie? Superb service!'
'As always, Orange Genie are on top of things'.
'May I take this opportunity to thank all my friends at Orange Genie for all of their patience, help and advise over the past few years'.
'I have been very impressed with the service Orange Genie has given me. It has far surpassed my expectations. Whenever I have emailed or phoned my queries have been dealt with in a speedy, professional manner. Good work!'
'Thank you for your service over the last three and a half years. I can honestly say that your company is one of the few that actually do what they say, on time and without any surprises, thank you.'
'I’ve been amazed with the consistently excellent level of service I’ve received, and the pleasant manner in which it has been delivered'.
'Nadine and Thema have been brilliant in helping me deal with my contractor. Another reason why I chose you guys over the other umbrellas'.
'I cannot praise Genie Accountancy enough! On a scale of 0 to 10, I would rate you all a 10+!'
'When I signed up with Orange Genie I felt immediately that I had found a company that knew what they were doing, but had a personal approach at the same time - something that is so often missing in similar organisations.'
